Windsor Ltd. purchased a patent on September 1, 2017 for $41,080. At the time of...
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Windsor Ltd. purchased a patent on September 1, 2017 for $41,080. At the time of purchase, Windsor estimated that the patent's economic benefits would last until the end of 2021 fiscal year. Windsor's fiscal year-end is December 31. On April 1, 2020, Windsor sold the patent to another company. Prepare the journal entry to record the sale, assuming Windsor sold the patent for $21,540. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the sale, assuming Windsor sold the patent for $21,540. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Windsor Ltd. purchased a patent on September 1, 2017 for $41,080. At the time of purchase, Windsor estimated that the patent's economic benefits would last until the end of 2021 fiscal year. Windsor's fiscal year-end is December 31. On April 1, 2020, Windsor sold the patent to another company.
Prepare the journal entry to record the sale, assuming Windsor sold the patent for $21,540. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the journal entry to record the sale, assuming Windsor sold the patent for $21,540. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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